Sign In
Free Newsletter
Bank of America grants VUU $1M
Bank of America granted Virginia Union University $1 million for its new banking and financial services workforce development program, the university announced Monday. VUU’s Sydney Lewis School of Business will lead the program, called MORE for My Opportunity is Real Essential, in partnership with the university’s workforce development division and its Evelyn Reid Syphax School […]
MainStreet Bancshares president to retire
Charles “Chris” Brockett announced Friday that he’s retiring as president of MainStreet Bancshares Inc., parent company of Fairfax-based MainStreet Bank, effective March 31. Brockett has served as MainStreet Bancshares’ president since January 2017. He will remain a member of the board of directors. “We are[...]
ValleyStar Credit Union names 3 new execs
Martinsville-based ValleyStar Credit Union has named three new executives to its leadership team. Justin Barnes will be the credit union’s chief lending officer, Mendy Shaffer will be interim chief financial officer, and Robert Sparrow will be chief risk officer. Barnes began his financial services career in 1999 and has spent 23 years in lending, according […]
Navy Federal names new chief operating officer
Vienna-based Navy Federal Credit Union has named a retired rear admiral to serve as chief operating officer. Dietrich Kuhlmann took over from former COO Debbie Calder, who has retired, effective Monday. He will oversee the credit union’s operations and its 20,000 workers in service of its members. Kuhlmann joined Navy Fede[...]
Stronger together
Bank acquisitions and mergers, particularly among Virginia’s community banks, continued apace in 2021. Banks sought scale for efficiency and flexibility, as well as to acquire resources in anticipation of potential new government regulation. “The recurring theme in bank mergers is scale,” Bruce Whitehurst, president and CE[...]
Youngkin signs bill to conform tax code
This year’s tax season may be a little less complicated for businesses that were granted Paycheck Protection Program loans and Rebuild Virginia grants during the pandemic. A bill that Gov. Glenn Youngkin signed into law Wednesday will ensure that the aid granted through those programs won’t be treated as taxable inco[...]
DHG to merge with BKD, forming top 10 accounting firm
The fifth-largest accounting firm operating in Virginia, Dixon Hughes Goodman LLP, is merging with Springfield, Missouri-based BKD CPAs & Advisors to form a combined top 10 accounting firm with $1.4 billion in revenue, the two firms announced Thursday. The “merger of equals” will be effective June 1, a company sp[...]
Blue Ridge Bank, FVCbank merger called off
The merger of the parent companies of Charlottesville-based Blue Ridge Bank and Fairfax-based FVCbank has been called off, the companies announced late Thursday. Blue Ridge Bankshares Inc. and FVC Bankcorp Inc. mutually agreed to terminate the agreement, which was first announced in July 2021. The companies delayed the merger,[...]
Atlantic Union Bank names Maria Tedesco COO
Richmond-based Atlantic Union Bank has named Maria Tedesco its chief operating officer, effective immediately. It’s a new position for the bank. Tedesco will continue in her role as president as well. She joined the bank in 2018 and previously was chief operating officer for BMO Harris Bank’s U.S. retail and business[...]
Roaring ’20s repeat possible, Richmond Fed president says
Federal Reserve Bank of Richmond President and CEO Thomas Barkin said he could visualize another round of the “roaring ’20s,” he said Thursday during the Virginia Bankers Association/Virginia Chamber 2022 Financial Forecast event. Driven by investment and real estate appreciation, the nation has seen a 28% boost in[...]
Fifth District economy has moderate growth, Fed says
The Federal Reserve’s Fifth District (including Virginia, North Carolina, South Carolina, West Virginia and Maryland) saw modest growth but was constrained by supply issues and labor shortages, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. The Beige Book is published eight times pe[...]
Deloitte names first female Central Va. marketplace leader
Deloitte named Alison Rogish its new Central Virginia marketplace leader Wednesday, the first woman to hold the role. “It’s an honor to have been asked to serve as marketplace leader for Deloitte’s Central Virginia practice,” Rogish said in a statement. “I look forward to using my knowledge and experience to build on o[...]
